HYGEIA HEALTH(06078.HK):SOLID PERFORMANCE OF HOSPITAL BUSINESS
HYGEIA HEALTH(06078.HK):SOLID PERFORMANCE OF HOSPITAL BUSINESS
Hygeia Health announced 2023 revenue of Rmb4.08bn (+28% YoY), and net profit of Rmb683m (+43% YoY). Its adjusted net profit reached Rmb713m (+18% YoY). Excluding the one-off impact of the nucleic acid tests, its revenue increased 34% YoY and adjusted net profit increased 31% YoY, in line with our expectation. Its blended gross margin decreased 0.63ppts YoY to 31.6% in 2023, with gross profit of hospital business of 30.3% (vs 30.7% in 2022). Considering the ramp up of new hospitals and acquired hospitals (Yixing and Chang'an), we lower EPS forecast from Rmb1.61 to Rmb1.45 (+28% YoY) in 24E, from Rmb2.02 to Rmb1.83 (+26% YoY) in 25E and forecast Rmb2.24 (+23% YoY) in 26E. We lower our target price from HK$71.0 to HK$43.0. With 63% upside, we maintain our BUY rating.
海吉亞健康宣佈2023年收入爲40.8億元人民幣（同比增長28％），淨利潤爲人民幣6.83億元（同比增長43％）。其調整後的淨利潤達到人民幣7.13億元（同比增長18％）。不包括核酸檢測的一次性影響，其收入同比增長34％，調整後的淨利潤同比增長31％，符合我們的預期。其混合毛利率同比下降0.63個百分點至2023年的31.6％，醫院業務的毛利潤爲30.3％（2022年爲30.7％）。考慮到新建醫院和收購醫院（宜興和長安）的增加，我們將24E的每股收益預測從1.61元人民幣下調至1.45元人民幣（同比增長28％），從25E的2.02元下調至1.83元人民幣（同比增長26％），並預測26E爲2.24元人民幣（同比增長23％）。我們將目標價格從71.0港元下調至43.0港元。上漲幅度爲63％，我們維持買入評級。
Solid performance of hospital business. Revenue of hospital business reached Rmb3.9bn (+29% YoY), excluding the one-off impact of the nucleic acid tests, which increased 35% YoY, representing 95% of its total revenue in 2023. The revenue from outpatient service grew 23% YoY (excluding the one-off impact of the nucleic acid tests +43% YoY) to Rmb1.4bn in 2023. In addition, revenue from inpatient service increased 32% YoY to Rmb2.5bn in 2023. In terms of the revenue by therapeutics, revenue from the oncology sector reached Rmb1.8bn (+24% YoY), representing 44% of its total revenue in 2023 while revenue of non-oncology business reached Rmb2.3bn (+31% YoY). In addition, the total number of surgeries reached 83,770 (+35% YoY) in 2023.
醫院業務表現穩健。醫院業務收入達到39億元人民幣（同比增長29％），其中不包括核酸檢測的一次性影響，核酸檢測同比增長35％，佔其2023年總收入的95％。2023年，門診服務收入同比增長23％（不包括核酸檢測的一次性影響同比增長43％），達到14億元人民幣。此外，2023年，住院服務收入同比增長32％，達到25億元人民幣。就療法收入而言，腫瘤行業的收入達到18億元人民幣（同比增長24％），佔其2023年總收入的44％，而非腫瘤學業務的收入達到23億元人民幣（同比增長31％）。此外，2023年手術總數達到83,770例（同比增長35％）。
Improving operating efficiency of the acquired assets. The company announced the acquisition of 89.2% equity interests of Yixing Hospital in May 2023 and 100% equity interests of Chang'an Hospital in July 2023. The consolidation of Yixing Hospital and Chang'an Hospital was from June and September of 2023, with the number of available beds of 500 and 1,100, respectively. In addition, the phase III project of Chang'an Hospital has initiated preparation works, which plans to add 1,000 beds. Revenue of Yixing Hospital and Chang'an Hospital increased 31% YoY and 29% YoY, respectively from June to December of 2023. We expect synergies between the acquired hospital and its existing hospitals network, such as supply chain and physicians, etc. Thus, we expect the improving operating efficiency of the acquired hospitals under the company's management.
提高收購資產的運營效率。該公司於2023年5月宣佈收購宜興醫院89.2％的股權，並於2023年7月收購長安醫院100％的股權。宜興醫院和長安醫院的合併始於2023年6月和9月，可用牀位數分別爲500張和1,100張。此外，長安醫院三期項目已啓動準備工作，計劃增加1,000張牀位。從2023年6月到12月，宜興醫院和長安醫院的收入分別同比增長31％和29％。我們預計收購的醫院與其現有醫院網絡（例如供應鏈和醫生等）之間將產生協同效應。因此，我們預計公司管理下的收購醫院的運營效率將有所提高。
Continuous business expansion with rising number of hospital beds. Now, the company mainly operates 16 oncology-focused hospitals, with four Class III general hospitals (Chang'an, Guangji, Dezhou, and Chongqing). As of end-2023, the total number of beds of the company's existing hospital network reached c.9,600. With the expansion of new hospitals (Dezhou, Wuxi and Changshu), phase II projects of existing hospitals (Guangji, Kaiyuan, etc), and M&As, the company expects its total number of available beds to reach over 14k by the end of 2025E.
隨着醫院牀位數量的增加，業務持續擴張。現在，該公司主要經營16家以腫瘤爲重點的醫院，包括四家三級綜合醫院（長安、廣濟、德州和重慶）。截至2023年底，該公司現有醫院網絡的牀位總數達到約9,600張。隨着新醫院（德州、無錫和常熟）的擴建、現有醫院（廣濟、開元等）的二期項目以及併購，該公司預計，到2025年底，其可用牀位總數將超過14萬張。
Maintain BUY. Considering the ramp up of new hospitals and acquired hospitals (Yixing and Chang'an), we lower EPS forecast from Rmb1.61 to Rmb1.45 (+28% YoY) in 24E, from Rmb2.02 to Rmb1.83 (+26% YoY) in 25E and forecast Rmb2.24 (+23% YoY) in 26E. We lower our target price from HK$71.0 to HK$43.0. With 63% upside, we maintain our BUY rating.
維持買入。考慮到新建醫院和收購醫院（宜興和長安）的增加，我們將24E的每股收益預測從1.61元人民幣下調至1.45元人民幣（同比增長28％），從25E的2.02元下調至1.83元人民幣（同比增長26％），並預測26E爲2.24元人民幣（同比增長23％）。我們將目標價格從71.0港元下調至43.0港元。上漲幅度爲63％，我們維持買入評級。
Risks. Regulatory price control over medical services; lower-than-expected synergies of M&As targets after being acquired by Hygeia.
風險。對醫療服務的監管價格控制；在被Hygeia收購後，併購目標的協同效應低於預期。
譯文內容由第三人軟體翻譯。